The Salt Lake City bank reported strong 3Q results despite unexpected expenses tied to hurricane damage in its Texas market, and it vowed to stay on track in meeting its cost-savings goals.
The Green Bay, Wis., company's CEO predicted “mid-single-digit” annual loan growth after a third quarter that included a 10% increase in deposits and 4% rise in average loans.
The Connecticut company, which is nearing the threshold to become a systemically important financial institution, has bought three businesses in the past year.
The $36.3 billion-asset bank reported double-digit growth in C&I loans, commercial real estate loans and specialty loans to the private-equity, entertainment and energy industries in the third quarter.
Robust growth in net interest income, combined with a lower provision for loan losses, helped boost Webster Financial Corp.'s profits to a record $62.4 million in the third quarter, 26% higher than a year earlier.
